Ome¥a Flre Minlstrie5 Charlty No. 1149970 Company No. 08178227 Trustee5' Report and Unauded Atcounls 31 Auiv5t Z023
OmeEa Fire Mlntsirfes Cohtents Pages Trusiee5' Annual Report 3104 IndependÈnt Examiner's Report Statement of Financial Activities Summary Income and Expenditure Account Balance Sheet siatement of Cash flows Notes to theAtcouTht5 1010 15 Detailed Slatement of Financial Activities 16to Pa8e I
Omeza Firt MlnSstries Trustees Annual Report The trL4Stees, who are also directors of the £h3rily for the purposes of the Companie5 Act 2006. present their report with the unaudited financial statement5 01 the charity for the year ended 31 August 2023. REFERENCE ANO ADMINISTRATIVE DETAILS Company 140. 08178227 Charlty No. 1149970 Reilstertd Offic• 86 Hatfield Dagenham London RM9 615 Directors and Trustees The Directors ol the charitable cornpany are it5 Trustees lor the purposes of charity law. The follgwing Directors and Trustee5 served during the year.. M. lalloh O. Nehigle E. Onojedje Attountants E8D A550ciate5 5A Market Street East Ham London E62RH oBJEIVEs AND ACTIVITIES
Omeca Fire Ministrie5 Trustets Annual Report The main actlvlfies undertaken in relation to those pvrp05es. ThÈorganisation coniinues to strive in its purpose of providin8 Christian faiih acr055 the local communiiy Sector and provide ihe necessary 5UPPOrt for all Ihgse wifhin rhe Immediate community We are mindful ihat to expand on this work. it 15 neiessary to find a more permanent base to faciliiaie the work that Omega Is undertaking a5 the continued expendiiure on reni Is nor sustainable and the current premises place5 a tremendous burden on the outreach work that Omegawould like to expand upon.The orKanisation has managed to ear mark a few PToperties over the course of ihe year however the soaring costs of propertie5 particularly the magniiude required by Omega has rnade the or8anisaiion cauriou5 as to any financial strain fhai would impacL the nature of the work acr055 the board.Member5 have contlnUEd in their donation to 5UPPOrt the or8anisation despite the diffi£ult economic climatc Wc however aware that tho current economic climate places a strain on member5. Our work thin our communiiy and acioss the cornrnunitv sodor has proved succe55ful and our collaboration wilh OLherspccialised. chariiableorganisations In the work of children and youn8 people re83rding mental health nd the on80in8 issue of the gan8 and knife crirnt culture and is now an irnportani èspeci ofour work. Ithou6h there is Still a 518nificant arnount ol work refflainifi8. We intend ro continue this basis and plan io continuein this arena a5 rhe demand ¢ontinue5. Achieyemeni and Perforrnances TV Min15lry.' Our now collaboration with sister £hurches acr055 Africa through a live sirearning feed called- Celebraiion TV allow5 both worshippin8 and conlerencts to be shared re8ardle55 01 tho tirne festriciions and Iho Continental destinarion.we have lound Ihat we are now supported not only locally but Internationally Ihercfore enabling us to undorsiand the needs of one anothtr and olfer Lhe relevant 5UPPDrt were needed. Thi5 ha5 proved to be Immensely productive In terms ol supporter5 and volunteers as they are now able to help those in lar 8reater need. We undersrand rho¢ thi5 rèquires a great deal off financial 5UPPOrt, but ihe impact of this project ha5 enabled wme tremendous work io be undertaken.As a result of ih15 conlinued succe55. we ha¥È now beon able to see the need5 re#uired In some of ihe communitie5 and thou8h Il Is Our Intention te support our empha515 will rtmain on ihe needs and requirernents of the Immediate community In the UK. Scholarship Program5 IYgun8 People. The 1nrroduciion ol this pro8¢am serves In helpins th05@ young people who Iniond to undertake further eduiation at university This enable5 US to support Ihose Individua15 wilh C05l5 toward5 their tuition and livin8 accornmodation. We Identify Sfudent5 who we Intend to support ai the start of September 2024. Coupled with this we have also Inrroduced a mÈntorin8 SllPPOrt pro8ram that is bein8 5UPPgrted by professional mernbers We are hopin8 that Ihis will help lo inspire and encourage ihe young people in our comrnunity whatover Lheir chosen educalional of careei mi8ht be Ministry Trainin8. Omcga Inrendsro creaie a legacy ol empowered leader$ 50 thatthe organisation will continue ro be effective. Our first Cohort of six ministerial Irainees will effettively cornpleie trainin8 Wlthin the next twolve months enabling u5 lo fulfil our wor* locally and nationally. We are also encouraged by Ihe faci Ihat ¥ve have èr? additional cohort of four new Individua15 who will also undertake rheir ¢rainin8 at thè stèrt ol October2024 Further encoura8ernenl 15 gained as Individuals are a mix of male and female and u5 under the age of twenty-live. Pastoral Care.- Our desire within the church and community Is ro offer unwaverin8 support for those that are sick and elderly. WE See this as an Imponont p4rt of OUT minjstry and one we seek to expand upon as Ihe demand for Ihis ha5 risen. Ministry EYEr)t5'.We are of rhe belief ihat educatin8 our members and those within the tommunily is imperative. Our collaboratlDn with Sirnilar OT8ani5ation5 prLw¢din8 seminars and work5hop5 15 e55ential post-Covid-19. P?ge 3
Ome8a Flie Mlnistrie5 Tw$tee5 Annual Report The Trustees are respon&ble for keepin8 proper acctyJwin8 records Ihat dixIc with reasonable accuracy ai any time the financial position of the charit¥ and to enable them ro en5urÈ thar the financial staiements comply wilh the Cornpanies Act 21XJ6. The Trustees are also responsible lor 5afeguardin8 the a55ets Df the chafi¢y and henco taking reasonable Steps for the prevention and detection ol frau¢J and other Irre8ulariiies. The above report has been prepared In a£cordance with the provis*on5 appli(able io cornpanie5 subject io the 5rnall companies regirnE as set oui In Part IS of the Companies Act 2W6 and in accordance with the Charitie5 SORP IFRS 1021. 5i8ned be If ol the board E. Onvi ie Trustee 31 March 2D24 Page 4
Omega FSre Ministrles Statement of Financial Activitie5 for the year ended 31 AuKllSt 2023 Unrestricted funds Total fvnds Total funds 2023 2023 2022 14otes Incomt and Èndowments from.. Donations and leBacie5 92.696 92.696 68.501 Toial 92.696 92.696 68.501 Expenditure on: Charitable activities 91,789 91,789 82,402 Total 91.789 91,789 82,402 Net gains on Investmenis Net Incomellexpenditurel Transfer5 between fund5 907 907 113.9011 Net incomellexpenditurel before oiher gainslllossesl 907 907 113,9011 Other ialns and losses Nèt movement In funds 907 907 113.9011 Rètontlllatlon of lunds: Total funds brou8ht forward 16,917 16,917 30,818 Total funds carried forward 17.824 17,824 16,917
Omega Fire Ministrles Summary Income and Expendlture Account for the year ended 31 August Z023 2023 2022 Income 92.696 68,501 Gross Incorne lor the year Expenditure 91.789 82,402 Total expenditure for the year Net incomelle¥pendilurel before tax lor the year 91.789 82.402 907 113,9011 Net Income Ilexpenditure Ifor the ye•r 907 113,9011
Omega Fire Mlnistries Balance Sheet at 31 Au8U5t 2023 Company No. 08178227 Notes 2023 2022 Fixed assets Tangible assets 8.861 8.861 5,538 5.538 Current a55et5 Cash at bank and in hand 31.151 31.151 122.1881 8.963 38,936 38,936 127,5571 11.379 Credltor5: Amount fallin8 due within one year Net current a$5ets Total a55ets1¢5s current Ilabilitles 17.824 16.917 Net asseis excludlng penslon assei or liablllty 17,824 16.917 Total net assets The funds of tht charY Restrlcled fund5 Unrèstrirted fvnds General funds 17,824 16.917 16,917 Reserves Total funds 17,824 These atcounts have been prepared in attordance with the special provisions of Part IS of the Companies Act 2006 relating io small companies. For the year ended 31 August 2023 the company was eniitled to exemption under section 477 of the Companie5 Act 2006 relating to small companie5. rhe member5 have not required the company to OblTr an audil in accordance with section 476 of the Companies Act 2006 The directors acknowledge their re5pon51bilit¢e5 for complying with ihe requirements of the Companies Act 2006 with respeu io accounting records and the preparaiion of accounts. Approved by the board on 31 March 2024 And signed on its behalf by-. E. Onoje Trustee 31 March 2024
Ome¥a Fife Ministrie5 Statement of C35h flow5 lor the yea¥ ended 31 A¥ust 2013 2013 2012 Cash flows from operatini activitie5 N¢t in¢ornelleipenditurel per Statement of Flnandal Acil¥hbes 9)7 113,9011 Adlustmènts lor.. DL'preciai.on of property. plani and equiprnent 1,946 1,216 provlded byllused lfil aptrnti artr¥iti•s 2.853 112.6851 Cash flows from Invstln8 rtlvhls Payments for proptrty, pl4nt and equiprnent 15,2691 11.1091 Net csh us•d In Inv•stlnq artlvltl•s 15.2691 C¥5h Ilows from financing ani¥itiei RÈpaym¢nt Of borrowinB5 IS.3691 23,107 15.3691 23,107 17.7851 9.313 Cish and ¢ash •qulvalems ai the be¢lThThlw of the year 38,936 Ca¥h and <a5h eqUlefits ihe end ol theyer 31.151 9,313 Qmpon•nts ol ¢a5h and ush eqUI¥en Cash and bank balanc¢s 31.151 38,936 31.151 38.936 Page 9
Omesa Fire Mlntsirles Noie$ 10 the Accounts for the year ended 31 Au¢uM 1023 l A¢countln¢ polldes 8asls of preparation The financial staiemenrs have been prepared in accordance wilh Accounting and Reporting b¥ Charitie5'. Staiernent of Recornmended Practice applitable to charities proparin¢ their accounts In actordance wirh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FR5 1021 leffective I January 20151 (Charities SORP IFRS 10211, the Financial Reportin8 Standard applic4ble in the UK and Republic of Ireland IFRS 1021 and ihe Companie5 Acl 2006. Chanie in basls ol CoUnn£ or to prtvlous accounts There has been no ch3n8e lo the accouniing policie5 (valuation rules and method of accountin8151n¢e lasr yeor ond no changes have been madE io a£counis for prewious years. Fund accountlni Unre51ri¢t¢d tunds These are avoilable for use ar the dixrelion of the trustee5 in lurtherance of the 8en¢ral objects of rhe charity. These are unre5trided funds earmarked b¥ ihe irustees for p3rticular purposes. These are unresificted fund5 which include a revaluation re5erye representin8 ¢he festarement ol Investment asset5 al Iheir rnarket ¥alue5. These are avèilable for use sutyett to restrictions ifflposed by Ihe donor or through term5 of 4Th appeal. Desi8noted funds Revaluation funds Restflcted funds Intome Roi08nition ol incorne Income is iluded In the Statem¢nt ol FinarKial ktiwties ISOFAI when the charity becorne5 entilled to. and wrtually certsifi to receive, the income •nd the amount ol the inwme can be rnea5ured with suffiuent reliabilrtv. Income with related Where Intorne has related expenditure ttte irKome and rel¥ted expenditu Is e%penditur¢ feported if055 in the SOFA. Donalions and VolunrJry Income received by way of 8Tant5, donations and £1ft5 15 included In the the 5¢FA when receivable and only when Lhe Charity has unconditional entitlement to the incorne. Tax reclaim5 on Income frorn rax reclaims is included in the SoFAal the same time as the donations and Eifts Eiftldonation to which it relate5. Donaied 5eivices These arc only Included In income (with an equivalent amouni in expenditurel and facilities where tho benefit io the Charity is reasonably qu?n¢ifiable, measurable and rnarerial. Volunteer help The value ol any Trlunteer help rettryed 15 not included Ir* ihe accounts. Invo51meni Income Thi5 15 included In ihe account5 when receThfable Gain5111055Q51 Dn This Include5 any gain or loss iesulting frorn revaluin8 invesiments to market value revaluation of fixed at the end of the year. a55et5 Gainslllosse51 on investment assers This includes an¥ gasn or1055 on the le of investments. Page 10
Orneza Fire Ministries Notes to the Accounts Expenditure RecoBnition of expenditure Expenditure is recoBni5ed on an attruals basis. Expenditure Intludes any VAT which cannot be fully rKo¥ered. and is reported as part of the expenditure to whiih it relates. These comprise the £0515 associated with attracting voluniary incorne, fundraisini tradin8 Costs and irtvestmenr management costs. E¥penditure on These compr15e the c05t5 In£urred by the Charity In the delivery of Its adItIeS and tharitable acti¥itie5 5eivice5 in the furtherance of its objects. induding rhe rnakin8 018rants and Bovernance costs. All 8rèni e¥pendiiure tr5 acrounted lor on an artual piid basis plus an accru31 for Krants that have been approved by the trustees at the end ol the year but not Ver paid. These include those costs associated with meeting the consiitution41 and statutory reqtsirernents of rhe Charily, it)cluding any audivindependent examinaiion lee5, Costs liftked to the strategic rnana8ernert ol the Charity, ro8ether with a share of other 3dmin15tratiot) £OSiS. These are support C05t5 nol ollotated to a particular act¢vity. Expenditure on Granrs payable Governance costs oiher e4penditure T•xatlon The charity 15 exernpt from corporation rax on 115 ch•riiable atti¥itie5. Fre•hold In¥tm1nt Property Invosiment propertie5 are measured initially al cosi and 5ybse•uently at lair Value al e¥¢h balance sheei date and are not depreciaied. gain5 or Itmes are taken iothe Stslement ol Financial Artivitie5 a5 they Stock5 Srock is intluded at the lower ol cost or nÈt realssable value. tYona¢ed it¢ms ol SLoc are fecoenised at fair value which 45 the amouni the charity would have been willifi8 to pay lor the item5 on the open market. Trade and othqr debtort Trade and other ¢Jcbtors are recognised at the seitlernent amounl due aftef any trade discount offered. Prepaymen¢5 are at the amount prepa net of any t¢ade discount5 due. Cash and £a5h equlvalents Cash ènd ta5h couivalent5 cornpri5e lash at bank ènd on hand. demand deposits wilh bank5 and other short-terrn highly liquid In¥estment5 Wlth original rnaturilies of three month5 OT less and bank overdrafts. In the 5taiement ol financial position. bank overdralts are shown wthin borr¢)wing5 or current Iiabilitie5. In the Slatement of Cash Flow5. Cash and cash equivalents are shown net of bank overdraft5 that are repayable on demand and lorrn an inie8ral part of the company's c35h rnanagement. Trade and other ¢redttor5 short terffl creditor5 art measured ai the tran5aciion price. oiher creditors and prowsions are recognised whcrt Ihc charily has a present oblisation resvllinE frorn a past evenl thai will Pfobably result In ihe transfer uf funds to a third party and the arnount due to seitle the obligation can be measured or esrimated reliably. Creditors and prowsions are norrnally recvdnised at Iheir settlement amount after allowing for any trade discounts due. Page 11
OmeRa Fire Ministrles Notes to the Accounts RÈsear(h and developmem Expenditure on research and development 5 written off in ihe year In which it 15 incurred. Foreign CLbrrentbes Monetary assets and liabilities denominated in turrerlcies other Ihan the functional Currency of the charity are translated at the rates of exchange prevailing Ht the end ol the reporting period. Transactions in currencies other than the funcrional currenc¥ of the charity are recorded at the rate of exchan8e on the date that the transaction occurred. All exch3nge difference5 are are taken Into accounl irs arriving at net incornelexpenditure. Lea5¢d assets Where the charity enters into a lease whith entails takinB subsiantially all tfie risks and rewards of ownership ol an assei. the lease is ireaied as è finance lease. Loa5es which do not transler subslantially 311 Ihe r15k5 and rewards of ownership to charity are classified 35 operatin8 leases. Asseis held undEr finance lea5e5 Ire initially reccgni5ed as assets of the thafity at their fair value at the inception ol the lease or, if lower, at rhe present value of the minimum lease payrnenis. The correspondin8 liability 10 the le550r Is included In the balance sheei date as a finantt lease obli8ation. Le45e paymen15 are apportioned between finance expen5e5 and reductiorl of the lease obligatlon so as to achieve a constant rate of Interest on the remaininB balance of the114bility. Finance expÈnses are reco8DlStd Immediately, unless they are diiectly attribulable 10 qualifyin8 assets. In which case they are capitalised In accordance With lhe charily'5 policy on borrowinz costs. Assets held under finance lease5 art dopreciateo in ¢ht same way a5 owned as5eis. Operating lease payrnents are recoBni5td as an expeTh5e on a strai¢ht-line b•sis ovef the lease term. In the event that lease incentrves are received to Ètyter IffO oper4tin8 leases. such intentives are rece8nised as a liability. The 388re8ate benefii ol inrentNes Is reco8ni5ed as a reduciion ol renul expense on o str4i8ht-line bas15. Penslon costs The chaTily uperole5 a dÈfined contributiori pl•rn for its employees. A delined contribution plan 15 4 pension plan under which ihe company pay5 fixed contribution5 Inio • separate enrit¥. OrKe the tontribulions have been paid the company has no further payrnenis obli8a¢ions. The contributipn5 are recogni5ed a5 expense5 when they fall due. Amounis noi paid are shown In accrua15 in the balance sheet. The assets ol the plan are held separately Irom the company in independently administered funds. Recelpt ol donattd ¢oods, facilltl•s and seThk•s All donèted 8oods. facilities and serwces re¢Èived are reco8nised within incomin6 rources and expendiiure at an estirnare of the value to the ¢h4rity. 2 Company siatus The company 15 4 prNate cornpany lirnitd by8uarantee and consequently does not h3¥e share capital. Page 12
Ome8a Firt Ministries Notes to the A(courts 3 siatement ol Flnantlal Acifvitie5- fftryear UThrestrirfed luftds Total lunds Z022 2022 Incomt nd endowments Irom= Oonaiion5 and legacies 68,501 68,501 Total 68.501 68,501 Expendltur¢ on.. 82.402 82.A02 ToL•I 82,402 82.402 I13.1) 113,9Jll Ntt lrttome b•fof• other 113.9DI 113,gXIII Other8alns afid lois•i- N¢t mo¥*fflent In fvrbd5 113.9)11 Reconflllation ollunds.. Total funds broughr forward Total fund5 ¢arried lorwaid 30.818 30.818 16.917 16.917 4 In¢ome Irom donal10 and bÈytSe5 Unrestykt•d Total Total 2023 2022 92.696 92.696 92.696 92,696 68,501 68.501 5 Expendlture on ¢haritable artlvkles Unrestrkt•d To1 Total 2023 2022 Expendityre ort choritoble ocrivil5 84.817 84,817 76,532 Gpvernunce cosrs Bank CharEe5 Oeprecitiation Con5ultan£y Fees 576 576 204 1.946 4.450 91.789 1,946 4.450 91.789 1.216 4,450 B2,402 6 Staff cost5 No employee received emoluments in exce55 of £60MI). Pège 13
Omega Flre Mini5trie5 Notes to the Accounts 7 Tanzible fixed assets C05t or revaluation At I September 2022 Additions At 31 August 2023 Depreciation and irnpairment At I SeprL4mber 2022 Depreciation charge for the vear Al 31 August 2023 Net book values 2,078 9,454 5.269 14,723 11,532 5,269 16,801 2.078 869 5.12S 5.994 218. 1.728 1.946 1.087 6,853 At 31 August 2023 At 31 Au8USt 2022 8 Creditors.. affjounlS fallin8 due within one year 991 1.209 7,870 4,329 8,861 5,538 2023 Z022 Bank loan5 and overdrafts Accruals 17.738 4.450 23,107 4,450 27,557 9 Movèment In lunds Incoming resourcès At31 lincludlni Atl other September ialn5llows 2022 Resources expènded August 2023 Restrlrted funds: Unrestrirted funds: General funds 16.917 92.696 191,7891 17,824 Total funds 10 Analysls of net assets between funds 16.917 92.696 191,7891 17,824 Unrestricted fvnds Restricted funds Total Fixed assets 991 7.870 117.7381 19,8681 8,861 8,963 17,824 Net current assets 26.701 27,692
Ome8a Fire Ministrtes Notes to the Accounts 11 RKonvli*ion of nÈi de All Ai31 5ewernber 20ZZ Aulust 2023 C4sh ftows Cash and cash equivalents 38.936 38.936 17.7851 17.7851 31,151 31.151 Bank loans 123,1071 123,A071 5.369 5,369 117.7381 117.7381 NLTrt debt 15.829. 12,4161 12 Rtlated Pa dlx105ur•s Controlllng Pvrtv The ¢tsmpany is Ilrnited by guar•ntee and has no Share opitll.. thus no sin8le party ¢Ontrols the cornpanv. Page IS
Omega Fire Minisiiles Detailed Staterntnt of Flnanoal Activities f¢Jr the yearended 31 August 2023 Unrestiirted fufids Totsl fvrH15 1023 ZOZ3 Total funds 2022 Intome and endowffl¢n15 Irom: Donation5 3nd legacies 92,696 92.696 92.6% 68.501 68.$01 Total IrKome and gndowments 92.696- 92,696 68.501 Expenditure on-. 84,817 84.817 84,817 84.817 76,532 76.532 Governance c05t5 ank Charges Depreritiation Consultancy Fee5 576 1.946 4.450 6.972 576 204 1.946 4.450 6,972 L.216 4.450 5,870 Total of emwndlture OD chiiii*bl• actlvities 91,789 91,789 82.402 Total expendltur• Net 13in5 vn investrnenis 91.789 91,789 82.402 gJ7 9)7 113.9011 Nei Sn£omell•xyndlturtl Net Inwrntllexpendliurel b•for¢ othef ylnsllltsiiul Othor Gains gJ7 113.9011 Net mov•ment In lunds 907 113,9011 R¢tonclll•tlon ol fvnds: Toibl funds brou8ht f0ry4ard 16.917 16,917 30,818 Toial fvnd5 foMard 17.824 17,824 16,917 Page 16